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Essentials of Retirement Planning by Eric Robbins

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CHAPTER 23

Retirement Distribution Planning

Introduction

Throughout a person’s working career, they make periodic contributions into their retirement accounts. At some point, they will retire and need to withdraw money. Retirees need to understand to potential tax implications of this process. They also need to understand a few special rules that could save themselves taxes over the long term.

The American government permits tax deductible contributions under certain plan types. This is done to encourage the participant to save so that they are not solely reliant upon social security for their retirement well-being. However, the government does want to eventually generate taxable income for retirees, so they limit the length of the tax deferral ...

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